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, requires some reforms to be strengthened. we are in big disagreement as to how to do it. >> that is an understatement. democrat favor tax hike within social security and medicare as well as increasing income taxes. budget committee chairman paul ryan argues part of the problem in medicare is the new healthcare law. which claims savings will materialize, and the chief actuary of medicare has the same concerns. >> there is a lot of evidence to suggest some of the payment provisions will not be sustainablsustainable in the lo. >> it pays providers including doctors lower and lower rates. foster says over time it will leave 40% of all providers in the red raising questions about whether they'll treat medicare patients. >> if at some point our payment rate to providers become less or significantly less to the cost of providing services, they either will be unwilling, or unable to continue providing services. >> last year, 51% of medicare's cost was taken out of the general revenue; meaning, half the cost of medicare was paid by borrowing money. which is why it's part of the d
can be averted. if democrats and republicans can come to an agreement on the big fight that's been, frankly, smothering american politics for weeks now. president obama announced earlier today that he wants to see a deal done by tomorrow on the big debt ceiling fight that has consumed every bit of oxygen in d.c. for the last few months. the president saying tonight that congressional leaders are on the clock. they have 24 to 36 hours to get a deal done. as planning a vote that the u.s. government should not default on our debt and shut down, comes down to the wire, we are now inching close enough to the edge here that two of the world's major credit rating agencies have warned that our national credit rating may be downgraded as a result of this standoff. the day that the u.s. would actually hit the debt ceiling and start going into default and shutting down is august 2nd but this does mean we have until august 2nd before we lose our national credit have until august 2 before we lose our national credit rating. that could just happen right now. because of the uncertainty and becaus
. >> the largest possible deal. >>chris: the president wants to go big so why are the numbers going down? welcome, everyone, i am here for neil cavuto in "your world." a new round of debt talks get under way at the white house but it is not all smiles. because the president's listen is not looking so grand. we have gone from talk of $2 trillion in cuts to $1.7 trillion and now closer to $1.5 trillion. and there is in guarantee that money won't go lower as the talks drag on. utah republican senator lee thinks we need to go back but $1.5 trillion in cuts spread out over ten years is that going big? >>guest: no, in the big at all. i am not sure it is going anywhere. one congress cannot bind another congress. so no matter how big the cuts are, if they are stretched out over 10 years and not accompanied by a constitutional amendment we have no guarantee they will be followed. >>chris: do you get a sense both sides are trying to get a deal and making it small enough to be palatable because the democrats and the administration will not make a big deal without tax increases, so both will take small incre
'm a big netflix user, by the way. i get the discs sent to my house. they're going global in a big way. they've come a long way from the days they mail out the dvds. >> even though they're not in hong kong. but they're making a big move to latin america. they will expand to 43 companies in south america. they made the first international move to canada. late last year you can see it clearly wants to be a global company, but it's going to be pricey. the company said it would lose up to $70 million in the second half of this year from overseas operation. but investors in the states are cheering the move. the news sent netflix shares soaring 8% on tuesday. ali? >> kristie, how do you do it? are you further ahead in congress how long? is there similar service? >> itunes. it's all about itunes. >> very good. stick around for this story. quite frankly, i don't want to be alone in this piece of knowledge. some farmers in the uk were looking for extra ways to save money. the answer was on the farm in big piles. they're turning livestock waste into energy. the pigs were wallowing in gold. the t
is we have a unique opportunity to do something big. we have a chance to stabilize america's finances for a decade, for 15 years or 20 years. if we're willing to seize the moment. what that would require would be some shared sacrifice and a balanced approach that says we're going to make significant cuts in domestic spending. and i have already said i'm willing to take down domestic spending to the lowest percentage of our overall economy since dwight eisenhower. it also requires cuts in defense spending. and i've said that in addition to the $400 billion that we've already cut from defense spending we're willing to look for hundreds of billions more. it would require us taking on health care spending. and that includes looking at medicare and finding ways that we can stabilize the system so that it is available not just for this generation but for future generations. and it would require revenues. it would require, even as we're asking the person who needs a student loan or the senior citizen or, you know, people -- veterans who are trying to get by on a disability check, even as we'
. that means, the big deal. this is the moment of opportunity. this is the window that people have been waiting for, for sometime. where both parties can sit down and resolve this problem, once and for all. we know what the problems are. we spend too much. the president will not get serious about cutting spending. >> greta: there's been e-mails back and forth, yesterday money the media that the president got up and marched off and senator harry reid on the floor refers to leader cantor as childish. is that what has deteriorated to a bit of name calling? >> i think the president was frustrated yesterday. everyone of us around the take are frustrated. the president got frustrated and left abruptly. >> greta: appropriately or inappropriately? >> i think it was fine. i think he decided the meeting was over and go up and left. >> greta: was there any indication the meet something over, we'll talk tomorrow or was it just i'm out of here? >> we had already discussed meeting today. the president is frustrated. my goodness, the rest of us are frustrated too. i've been pushing the president all year to a
ever gets to the point where he's really going to cut the big three. i do give the president a great deal of credit for fighting the republicans like this and standing up to them. they're a reckless party and they don't care if they have another financial meltdown in this country. this is one of the most un-american things i think i have ever seen play out by a political party. president obama is putting politics aside. it's time for the republicans to do the same. i mean, when the president says this may sink my presidency, he's willing to have that happen as long as it saves the country financially. for once, for sure, we can turn to washington and see that there is someone and it happens to be president obama who's willing to put country first at the stake of -- at the sake of possibly losing his base in a very important election cycle and it may, of course, jeopardize his re-election. he's got 77 people in the house who signed on a resolution saying no cuts to the big three and willing to go to war with them as well to save the economy. where are the republicans? for the latest o
not be willing or able to, seemingly, take on big tasks. >> that happened all this week. kristin is live at the white house. a lot of talk. we're one day closer to that deadline. what can we expect to hear from the president in the next hour? >> hi there, richard. we expect the president to continue to push to get a big deal. what's a big deal? about $4 trillion in deaf sigz reductions over the next decade. at the end of last week, it looked like he and speaker boehner were moving towards the same page in terms of trying to get a big deal. that fell apart over the weekend. so we expect the president to resume calls for a big deal to say now is the time to seize the moment. there will be political pain on both sides. what he means by that is the democrats will have to come to the table over entitlements, making small changes to things like social security and medicare and the republicans will need to come to the table in terms of rolling back tax break for wealthy corporations and americans. as you said, richard, he's going to hammer this point that they will continue to work until they g
today? >> this wouldn't be the big deal if this is the only day, but this is day after day the spring into the summer. then let's pile on a top of humidity. that gets to the people and aggravates everyone. this is where the center of the heat is. right over the top of the eastern half of the country with the exception not being up in the great lakes. this is already the heat index. what time is it? it's 10:00. we are at 105 already in louisville. areas of memphis, nashville and st. louis are right behind. the worst has been centered over the ohio river valley and southern indiana. later today, this is my forecast heat index. this is how hot i'm predicting it's going to get. the worst is up here with the dew points at the highest. we are thinking 110 in louisville, 110 in nashville. i've got my money on 115 in memphis as the hottest heat index in the country. it goes from oklahoma city to the east coast. this is one of the first humid days we had from new york to deep, deep baltimore, raleigh. you go down the coast with no exceptions. this is historic in oklahoma city. we now had 13 da
seal a budget deal? it doesn't sound like. they did have a big win tuesday with cut, cap and balance. still no debt deal on the table. the clock seems to be ticking very fast. our next guest is pointing the finger at president obama, calling the president clever and slick. what does he mean? we asked karl rove. nice to see you. >> great to see you. >> greta: in add's "wall street journal", you described the president's press conference a week ago you said it was a b -- buff foe performance. i telecommunication a tough of sarcasm, tell me what you mean? >> i mean ironic. it is not sarcastic, i'm being ironic. the president gave an outstanding theatrical performance. he started off by blaming others. we expected them to blame bush. he also blamed the democratic congress. saying they had runaway with the credit card. they were just doing what he was telling them to do. he insisted that others solve the problem. he said within 24 to 46 hours i demand congress give me a plan. he said the worst alternative to come out of this would be if we raise the debt ceiling without taking any steps t
guys to protect the fat guys and corporate jets and big super rich. you're expendable now, crack thinkers. don't you understand? they play you against the poor and you're skpentable now. let those guys handle it. they got to protect the big guys. >> now know, that is coming from john mccain whose campaign might be compared to custard, except custer's came out better than mccain's did. in 2012 a conservative will be elected so i think that will speak for itself. his his brand was she lacks in 2007 within 2008. mine won the house of representative by record numbers in 2010. >> yeah, but now your brand of conservative is told, get your butts in line. don't get too big for yourself. because you've done your job. you're saving the corporate jet guys. you're closing in making sure to protect the loops holes. now just shut up and let us handle it, we've got movies it watch. thank you judson phillips. thank you for being here with me. >> thank you for having me. >> hosts of the bill press show on sirius radio, gentlemen, it is quite interesting, looks like mr. boehner is trying to get a
and what's he really up to? >> well, what mitch mcconnell is actually up to is saying, look, we took a big bet on this debt ceiling thing opening to use the mefrj to make the president agree to spending cuts. what house republicans want. it's not working. everything he wants meager spending reform, wants higher taxes or he's saying he seems to be willing to go all the the way to shut down default. lets he' step back and let him take control of this and consequences of the action of not dealing with real spending reform. >> paul: dan, sellout. is this giving up too easily as a lot of right wing,are saying? >> no, i don't think so, paul. i think they overestimated their ability to leverage the president into big spending cuts. somehow, it seems to me, behind all this have is a misunderstanding about the power of the presidency, it is vast and getting into a big fight over big spending cuts and let's make it clear here, we're talking about reforming entitlement spending, medicare, medicaid spending to try to get into a debt limit negotiation and force the president of the united states to ref
clearly we have a bought one. time to change that. our show starts right now. >>> well, the big story today, whether we like it or not, round 4. right now congressional leaders walking back into the white house for the fourth straight day of debt talks with president obama. it is hump day here in new york city, and across this great land. i am dylan ratigan. a pleasure to be seeing you. debt negotiators have yet to get over their trillion dollar hump and agree on a debt deal to keep our nation functional, the president stepping up the fearmongering, warning that seniors may not be able to get their social security check next month if congress does not act. quite simply, that would not happen. on the gop side, speaker boehner said any deal would be a crapshoot. house majority leader eric cantor, king of the prowrestlers these days, a leading voice emerging, aligning with the extremely far right idea logically prime minister study committee, in guarantees another job-killing debt crisis. that's a good talking point. i think most notably we'll stop spending on pod people or -- does
casey anthony, big day. she's getting out of jail on sunday. will you be doing some commentary this weekend? or are you taking this weekend off? >> i may very well, but certainly i'll be talking about it on monday morning. >> have a good weekend, whatever you might end up doing. good to see you as always. thank you so much for being here with me in the cnn news room. i of course will be with you tomorrow and sunday. >>> the president said he's willing to think small if he has to in order to break the stalemate over raising the debt limit. also new apologies from media mogul rupert murdoch. he met with the family of a murdered teenager whose phone was hacked by his now defunct tabloid. there are fast-moving developments in this scandal. it's ungulfing his entire news empire. and as casey anthony prepares to get out of jail on sunday, will she shun the media spotlight or will she try to capitalize on her supposed fame? i'm wolf blitzer. you're in "the situation room." >> president obama back at the bully pulpit for the second time this week to make sure ameripay bill. he went bef
'm thomas roberts. rupert murdoch will testify at parliament tomorrow, this is the big headline, all over the phone hacking scandal that's rocking his media scandal. meanwhile there was a new arrest of a top exec over the weekend, and now the head of scotland yard and his assistant are resigning. if you're keeping score so far, there have been three high-profile resignations, ten arrests and it is not over yet. jim maceda is live in london to bring us up to speed on this. jim, good morning. >> reporter: hi there, thomas. make that four high profile resignations. just a couple of hours ago scotland yard's number two, john yates, also resigned under increasing, extraordinary, really, pressure. that on the heels on his boss's resignation last night. commissioner paul stevenson, he was the head of scotland yard. he, if you will, fell on his sword and said that he could not in good conscience continue with all the challenges to keep the peace in great britain as he and specifically his relationship with the murdock media empire became such a focus of attention. he was calling it a major distra
to be a very busy place. we got the folk line festival under way behind me, also the big fireworks show they're getting ready for on monday. two concerts on the steps of the capitol, also at the washington monument. but from coast to coast, we're talking beaches and barbecues and camping and celebration. july 1st and the 2011 great escape is on. ♪ hot fun in the summertime >> reporter: from yosemite in the west. >> i like the girls the best. >> reporter: aaa says 39 million americans will travel 59 miles or more this long weekend. that's 1 million fewer than last year. >> reporter: you can blame the pain at pump. the national average for unleaded now $3.54 a gallon, down from the high of $3.98 on may 4th. but still 80 cents higher than a year ago. >> it's still tough because we're still kind of transitioning from how high the gas prices were so we've got in the habit of not traveling as much. >> reporter: the big surprise? while fewer people are driving than a year ago, more people are flying. air travel is up 9% this summer. >> for some people, it actually may be more convenient and cheap
with you. senator johnson from wisconsin. debt talks breakdown and will big ben step up with the big cash? bernanke suggesting he is ready for pump more stimulus into the economy if needed and that had stocks soaring early in the day and the dow jones industrial average having trouble holding on to the gains finishing up just 45 points. the fox business network is keeping track of it all. we lost all the gains we had early in the day. >>guest: but investors will take what they can get because there we saw the sell off later if the session we did post gains and that snapped a three day losing streak for the stock market. so, the dow finishing up with a small gain and the s&p with a 4 point game and at 10:00 a.m., bernanke sat down before congress and in his testimony heed laid out the open door for a possible qe3, the government bond buying program which is looked at as stimulus for the markets and off to the races and the market, as you said, rallied 150 points early in the session, but, this is still a lot of concern about the debt crisis going on overseas and it was another downgrade
of the need for a course correction. but weeks of negotiations have shown his commitment to big government is simply too great to lead to the kind of long-term reforms we need. >> reporter: reid says lawmakers must find a solution. >> we'll stay in session every day, saturday and sunday until congress passes legislation to prevent the united states from defaulting on negotiation. >> reporter: in chicago, key ally expressed support for the mcconnell-reid plan. >> more work to be done. joint committee can tackle it but it's responsible way out of the crisis. >> reporter: lindsey graham favors constitutional amendment but there isn't enough support in the senate. >> we have the people behind us. 72% of the american people want balanced budget. >> reporter: the president called for shared sacrifice. >> i am still pushing for to us achieve a big deal. but what i said to the group is if we can't do the biggest deal possible, then let's still be ambitious. let's still try to at least get a down payment on deficit reduction. >> reporter: but the cochair of the president's own deficit commission ha
's big three credit rating agencies, warned it might have to lower the country's top notch credit rating if lawmakers don't come it an agreement soon on raising the debt ceiling. this a starnlgts moodeddy's said its action was prompted by the possibility that the debt limit will not be raised in time to prevent a missed payment on u.s. bonds with a small but rising risk of a short-lived default. economists say if the aaa rating is lowered, it would throw the financial markets in to chaos and the cost of were rowing would go up for everything from mortgages to car loans. federal reserve chairman ben bernanke warned -- >> i think the worst outcome is that at some point, you know, we default on the debt and that would creates a i said before a huge financial calamity. >> reporter: sources say the president knew about the moody's warning as he headeded in to wednesday's meet which go all sides have described as very tense. republican majority leader eric cantor quoted the president as saying, i have reached the point where i say enough. would ronald reagan be sitting here? i've reached my li
. the big task in outer space is moving a 12-ton module into place. it's 6:00 and a summer like day's start. sharon has problems on the pavement and marty has the weather. >> well, shuttle wakeup music will be over in a few days. there's your impact in your neighborhood. we'll point that out. it will be a sunny, hot one. it's the middle of july, it's supposed to be this way. mid-70s now and on the way to 94. the normal is 88. it is what it is. it will be getting hotter tomorrow. we'll be closer to a hundred. we'll talk about that shortly. >>> if you have a ton and a half module to move around, here's sharon gibala. >>> well, you shouldn't have too many problems at this hour. we have just a few minor issues. that's on chesterfield at hawkins road. one lane is blocked there. everything's running at full speed. the top and the westsides are looking good. no issues out there on the westside. that's at old court road. the eastside is looking nice. especially with the sunrise. traveling downtown, they started construction for the grand prix on light street between key highway and pratt street. re
with leaders in washington still bogged down in debt limit talks, some governors are making big policy strides and who is moving in the right direction and who has got it wrong? plus, school may be out, but school choice appears to be in. some good news from the front lines of education reform. and the war against girls, a closer look at a controversial new book that documents the increasing phenomenon of sex selection and the consequences of a world full of males. welcome to the journal editorial report. i'm paul gigot. the state of the state with leaders in washington still bogged down in debt limit talks, some governors are making real strides in the fight to balance their state budgets and others are falling into the same old tax and spend facts. wall street columnist, dan henninger and kim strassel and senior economics writer, steve moore. dan, this may be the most c consequence time, which states first, are making progress and what nr' doing. >> well, the state, i think, is making some of the most interesting progress in florida with the republican governor rick scott. rick scott came in
. that is going to be a big hot topic of political conversation well. eric cantor and john boehner and people issuing press releases the president needs to do more and shows a failure of leadership at the white house. see what the white house has to say later about it. >> the unemployment rate tick up slightly to 9.2%. >> that's going to do it for us. >>> "cnn newsroom" begins right now with kyra phillips. >>> christine, don't go far. we are talking about the disappointing news on the jobs front. >> i won't. >>> labor department reporting only 18,000 jobs were added in june. that is much worse than economists readdicted. of course, those live pictures we can't get enough of. the shuttle is fueled and the crew is suited up but the weather could still cancel today's historic law firm. we are live at kennedy space center hoping that it will take off in time. >>> an arrest in the huge hacking scandal in britain. the news that the world's former editor and the prime minister's former aide. >>> like we told you, we want to start with the jobless numbers. our christine romans, once again, back with
but only after a big budget cuts, a spending cap, and the adoption of a balanced budget amendment. president obama says that he will veto that bill. >>> the loudoun county board of supervisors today is expected to vote on a plan that could lower the costs of the dulles rail project. the proposal by the u.s. transportation secretary would require the airports authority to reverse its decision and support an above-ground station. it would also require loudoun and fairfax counties to assume millions of dollars in those costs. >>> 5:05 on this tuesday. the guardian angels are taking action. >> today they will be along the metropolitan branch trail beginning today. this comes after a robbery since may. the group will join stepped up police trails in that area. critics stepped up police patrols. the you see someone suspicious, keep your distance and then contact police. >>> 7 is on your side with confirmation of a new type of crash avoidance system to reduce low speed rear end crashes. the highway loss data institute released a new study that looked at 2010 volvo's outfitted with a cras
the problem. in two or three years we have a debt crisis. we have to do big bold things or that is where we are head. calling balancing the budget dangerous is unbelievable. here's what we have to do. look mr. president put a plan on the table and we have 16 days and if the president can put details to a plan let's have a national debate and let the american people decide if they want cutting in spending or requiring a balanced budget or common sense versus the president's plan. >> i didn't say it was dangerous. we want to balance the budget. it doesn't balance that budget until 2040. it would require you to lift the debt ceiling by eight trillion. >> gentlemen, we have a lot to cover. we'll get back to a bunch of the issues. if cut, cap and balance fails and i must say most people say whether it is good policy or not, the chance of it passing are slim . the most likely fall back and mitch mcconle's plan. it would allow the president to raise the debt limit two and half trillion without spending cuts and there is talk of floating a trillion in cuts. congressman ben holland. wouldn't that be
economist said, ian sheped heardson said a big bucket of cold water. 18,000 jobs created overall. the estimates ranged from 80,000 to 125,000. market and economists expected more jobs creation than that. when you dig within the numbers you can see government jobs were shed. wow. thousands. 57,000 private sector jobs created but 39,000 government jobs lost. unemployment rate went up. so this tells you, kyra, bottom line, that private companies are not confident to hire in big numbers at all and the government, local and state government, because of budget cuts, continue to slash jobs. this is what the trajectory looks like. we have come from massive job losses there over about a year ago 192,000 four months of bad jobs and then you saw job created and it petered out. another thing when we dig into the numbers. you look at the revisions and what prior months were changed either higher or lower and we found another 44,000 jobs we thought had been created weren't. so it was other months revised down about 44,000. manufacturing, construction, temporary services and jobs in these areas
, the government owes me. how big a problem do you think that is? >> entitlements are narcotics. this is why the left loves to expand the entitlement program in america and they instituted a massive new program called obama care which is essentially socialized medicine. once people get aticted to the narcotic of the entitlement, social security, medicare, medicaid, we have a whole array of entitlements, you get addicted to it, it is difficult to take it away. >> bill: what is the government's responsibility in bad economic times to feed people through food stamps. they have explode. >> we have 47 million americans now on food stamps which is a record breaking number that is heart breaking. >> bill: is that a nasca narco. >> we is so many drk including the food programs and benefits for the poor. >> bill: is that a narcotic? >> i will tell you why. it creates a culture and pattern of victimization. >> most people want to work and do not want a handout. most people want to compete and be in the game. they don't want to sit back and have the government give them sufficient. a small percentage o
rchts good wepz, everybody. i'm contessa brewer covering the big news coast to coast. the big story right now the phone hacking scandal in great britain reaches the highest echelons of government. with prime minister david cameron facing cheers and jeers in an uncommon emergency session of the house of commons. >> i have an old fashioned view about innocent until proven guilty. >> prime minister david cameron addressing the house of commons. >> if it turns out andy coulson knew about the hacking at the news of the world he will not only have lied to me, but he would have lied to the police, to a select committee torque the press complaints commission, and of course, perjured himself in a court of law. >> former news of the world ed tore andy coulson was until january cameron's communications director. >> with 20/20 hindsight and all that has followed i would not have offered him the job and i expect that he wouldn't have taken it. >> coulson was arrested this month suspected of corruption in the u.s. voice mail hacking and police bribery scandal. >> you live and you learn and believ
's headlines about the campaign's big haul and tell you why we're a tad underwemed. >> >> dyou got to check the sel date, it's wednesday, july 13th, 2013. i'm chuck todd, an unbelievable hump day, feels like it's forever bigger here in washington, where i begin my first read this morning. it's the beginning of the end game for negotiations on the federal debt. with pessimism building that leerds will produce a deal and avoid default mitch mcconnell proposed plan c, a contingency, what i like to call the hail mary punt. he set the stage on the senate floor with this pretty rough attack on the president. >> after years of discussions and months of negotiations, i have little question that as long as this president is in the oval office a real solution is probably unattainable. >> mr. mcconnell said the day i was elected that his job was to try to see me beat. i'll have to explain how it is that we're going to avoid default because i'm going to be president here for at least another year and a half. >> right after that interview, mcconnell unveiled this plan c. he would hand over to the presid
says a smaller package of about $2 trillion is more realistic. >> yes it's a big package will require big tax increases. it's a job killer. >> when asked whether or not he thought that they could reach a deal in the next 10 days, the president said "we have to." his press conference is scheduled for later this morning. reporting live on capitol hill, abc 7 news. >> thanks very much. jim moran wants to hear your ideas on how to reduce the national debt. the northern virginia democrat and the nonpartisan coalition are hosting an event in arlington tonight. participants will look at budget priorities and see how they will be affected by the various proposals. and it is 6:06. we have 73 degrees on this monday. >> and when "good morning washington" returns, albert haynesworth's sexual assault case heads back to court. we'll tell you what's next for the controversial redskins player. plus, safety concerns mount after the casey anthony verdict and sentencing. what's being done at the memorial to the florida mother's young daughter, caylee? >> but
. >>> big news about the debt ceiling talks. we might see a big shift in the negotiations. the president is going to meet with top senate and house leaders and democratic officials tell us he's prepared to put medicare and social security changes on the table. that's a big about face and it drives home the urgency of the debt situation. >> my expectation is that over the next week to two weeks, that congress working with the white house comes up with a deal that solves our deficit, solves our debt problems, and makes sure that our credit is protected. >> obama is hoping that republicans will support some tax increases or the closing of some tax loopholes or credits. that is going to be a hard sell. here's what republican senator rand paul of kentucky told cnn. >> some of the most conservative members of the senate and house will raise the debt ceiling con tint gent on three items. we want significant cuts, stater to caps like pay as you go, and then we want a balanced budget amendment. if we get these, we'll agree to raise the debt ceiling. >> democratic officials say the president wants
the band-aid. eat our peas. >> reporter: of course, taxes remains the big sticking point. the president, though, insisting that nothing would change before 2013 so it would not happen during a difficult economic environment, but house speaker john boehner saying that there's no reason to raise taxes in order to control spending. he believes the best way to get revenue is by improving the overall economy by creating jobs. he says he is willing to get a deal done with democrats and the white house, but, in his words, it takes two to tango and they are not there yet. >> dan lothian at the white house, thanks. >>> the debt crisis overseas sending a chill through wall street this morning. less than half hour before the opening bell, u.s. stocks may be headed for another rough day. ali velshi is joining us live from new york. ali, what does it mean? >> well, you know, first of all, futures seem to be leveling out a little bit, kyra. a couple of things going on here. one as dan was just saying, we just heard from the treasury secretary who is making a speech and he says he is expecting a deal
's right. you know, the big point of contention yesterday was with house majority leader eric cantor pushing for this short-term deal or a series of short-term deals. the president, according to democratic sources familiar with the talks, made it clear that that is something he does not support and something he would veto. the president has, for the last few days, and certainly weeks as well, been pushing for the biggest deal possible where it it seemed to get some support. of late, it has not. the president believing if you start talking about the short-term deals, you run into the political season where you negotiate the things all over again. if you can't get this done now, how will you get this done in the thick of the political season? tense discussions yesterday. the president agitated and believing that republicans are using the debt talks to make political points. the president making the point, according to those inside the meeting, that this kind of atmosphere just confirms some of the worst fears that americans have about the way washington works. >> well, yeah. the way wa
have a big jump in revenue. obama has been saying let's thai the bush tax cuts are going to lapse and we are going to extend the ones for the middle class. republicans are afraid to let him do that up front. it would kill momentum for a tax reform. >> but, but, but why just get rid of the bush tax cuts. if they are so awful, why not get rid of all of them. get rid of all of them for everybody. if tax cuts are the worst thing ever, the bush tax cuts, get rid of the bush tax cuts for everybody and raise billions in revenue. >> right. i think we could probably figure it out sitting around the table. i don't think it's that difficult. they are locked in in political terms. it's a much different issue to them. you can make rational compromises and deals here. the problem is, how do they do it. what's happening is they are at the point where they realize the consequences. at some point, they realize they have to do something other than hold the ground saying this is it. we're not going to change anything. we are at that point and we have little time to work with. >> howard dean, look wh
of doing something big to change america's unsustainable economic path. what do you think? do that you think that opportunity is lost? >> well, a week is a long time in politics. it can be a lifetime, as you know. i think the big deal, the grand deal, the grand bargain of $4 trillion over four years is dead, it's gone. i think the chances of getting a deal at 2.5 are 2. the middle double deal, very unlikely, because the president does not want to go that high without tax increases and republicans are not going to do it. here's the question that is coming out. and that s. the house republicans are now pushing a very, very tough deal through the house. the -- over on the senate side, the republicans are working to get a version of the mcconnell plan. and the president will accept that as he said in his news conference on friday. but whether the house republicans would accept that or not, it's a big, big question. it seems to me that's the lead horse. that's the lead solution, a version of the mcconnell plan, with throwing in the spending which i think would be a good idea which leaves $1
know they are all big boys. and i suspect that speaker boehner in a few minutes. again, can you see what we are waiting on, speaker boehner, we believe within minutes is going to come before cameras and microphones there in the pressroom in the house and give his response to the president's comments. i know they are big boys but the president did go after republicans, especially house republicans. and especially house tea party republicans in this session. does that make it harder to deal or do they just sort of -- >> yeah, probably. but i mean the president has been doing this all along. he did it more forcefully today than he has in the past. remember when he gave the speech at george washington university paul ryan who had pointed out a budget and risks about these things and the president went after him about it it's not the first time. i suspect it's not going to be the last. boehner has a difficult job but simple task. he needs to show up at 11:00 a.m. tomorrow morning that something that house republicans, 218 of them can agree on them. something that's long overdue. i was re
this. every two years we jockey for the next election. we never make long, hard term decisions. the big deal they're talking about cutting spending over the next ten years still adds $6 trillion to the debt so the real deal to limit spending and get us in balance would be an amendment to our constitution. without that, we're just going to talk to each other and run america into the ground. >> let me ask you about the so-called mcconnell/reid plan, which is not, as i understand it, completely put together yet. but it would allow the president to to raise the debt ceiling in three increments between now and the end of next year, perhaps with some spending cuts attached. as a last resort, would you vote for that in order to avoid the -- >> i'm sticking with the -- i don't have any confidence that anything that republican or democratic leaders is going to lead to the solutions that we need. it never has in the past. i'm looking for a win/win. i'm looking for a way to raise the debt ceiling and we need to, but we need to address fundamentally what got us into debt. cut, cap, and balance gets
street is worried about washington. late wednesday moody's one of the big three credit rating agencies warning it might have to lower the rating if lawmakers don't come to an agreement on raising the debt ceiling. in the statement it said the action was prompted by the possibility that the debt limit woil not be raised in time to prevent a missed payment on u.s. bonds with a small but rising risk of ashort-lived default. economists say if the aaa rating is lowered it will throw the financial markets into chaos and the cost of borrowing would go up to everything from morlts to car loans. ben bernanke warned. >> i think the worst outcome if we don't raise the limit, at some point we default on debt and that would create as i said before, a huge financial calamity. >> reporter: sources say the president knew about the moody's warning as he headed into wednesday meeting which all sides describe as tense. republican majority leader eric cantor cited the president as saying i have reached my limit. he left saying i'll see you tomorrow. the two sides couldn't even agree about what happened in
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